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1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20-. 2. Prepare a statement of retained earnings for the year ended December 31, 20-. 3. Prepare a balance sheet as of December 31, 20--.

1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20-. 2. Prepare a statement of retained earnings for the year ended December 31, 20-. 3. Prepare a balance sheet as of December 31, 20--.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CHAPTER 27 Applying Your Know PROBLEM 27-7B (continued) B 1 Wen Company Spreadsheet (Partial) For the Year Ended December 31, 20-- ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT 5 Cash 16,450.00 Government Notes 6,000.00 8 Interest Receivable 210.00 9 Accounts Receivable 19,700.00 10 Allowance for Doubtful Accounts 1,600.00 11 Finished Goods Inventory 16,250.00 12 Work in Process Inventory 7,600.00 13 Materials Inventory 4,550.00 14 Estimated Returns Inventory 530.00 15 Office Supplies 465.00 375.00 16 Factory Supplies 17 Prepaid Insurance 700.00 18 Land 30,000.00 60,000.00 19 Factory Building 20 Accumulated Depreciation-Factory Building 15,230.00 87,000.00 21 Factory Equipment 22 Accumulated Depreciation-Factory Equipment Accounts Payable 23,000.00 14,450.00 23 720.00 Customer Refunds Payable Income Tax Payable 24 3,150.00 25 600.00 26 Interest Payable Bonds Payable 40,000.00 27 30,000.00 28 Capital Stock 29 Paid-in Capital in Excess of Par 20,000.00 30 Retained Earnings 83,020.00 31 Cash Dividends 13,500.00 409,860.00 32 Sales 33 Sales Returns and Allowances 5,900.00 650.00 34 Interest Revenue 96,850.00 96,850.00 35 Factory Overhead 36 37 Cost of Goods Sold 312,350.00 43,100.00 38 Wages Expense 39 Office Supplies Expense 2,250.00 40 Bad Debt Expense 1,750.00 41 Utilities Expense-Office 4,000.00 42 Interest Expense 3,100.00 43 Income Tax Expense 6,500.00 739,130.00 739,130.00 44 475,800.00 507,360.00 45 Net Income 31,560.00 46 47
Transcribed Image Text:CHAPTER 27 Applying Your Know PROBLEM 27-7B (continued) B 1 Wen Company Spreadsheet (Partial) For the Year Ended December 31, 20-- ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT 5 Cash 16,450.00 Government Notes 6,000.00 8 Interest Receivable 210.00 9 Accounts Receivable 19,700.00 10 Allowance for Doubtful Accounts 1,600.00 11 Finished Goods Inventory 16,250.00 12 Work in Process Inventory 7,600.00 13 Materials Inventory 4,550.00 14 Estimated Returns Inventory 530.00 15 Office Supplies 465.00 375.00 16 Factory Supplies 17 Prepaid Insurance 700.00 18 Land 30,000.00 60,000.00 19 Factory Building 20 Accumulated Depreciation-Factory Building 15,230.00 87,000.00 21 Factory Equipment 22 Accumulated Depreciation-Factory Equipment Accounts Payable 23,000.00 14,450.00 23 720.00 Customer Refunds Payable Income Tax Payable 24 3,150.00 25 600.00 26 Interest Payable Bonds Payable 40,000.00 27 30,000.00 28 Capital Stock 29 Paid-in Capital in Excess of Par 20,000.00 30 Retained Earnings 83,020.00 31 Cash Dividends 13,500.00 409,860.00 32 Sales 33 Sales Returns and Allowances 5,900.00 650.00 34 Interest Revenue 96,850.00 96,850.00 35 Factory Overhead 36 37 Cost of Goods Sold 312,350.00 43,100.00 38 Wages Expense 39 Office Supplies Expense 2,250.00 40 Bad Debt Expense 1,750.00 41 Utilities Expense-Office 4,000.00 42 Interest Expense 3,100.00 43 Income Tax Expense 6,500.00 739,130.00 739,130.00 44 475,800.00 507,360.00 45 Net Income 31,560.00 46 47
for Corporations and Manufacturing Businesses FINANCIAL STATEMENTS The adjusted trial balance columns of Wen Company's spreadsheet are shown on the next page. Materials inventory, January 1 Work in process inventory, January 1 Finished goods inventory, January 1 Estimate returns inventory, January 1, remaining balance Materials purchases Additional information needed to prepare the financial statements is as follows: $ 4,750 3,600 14,990 100 115,090 110,000 96,850 4,100 Direct labor Actual factory overhead Indirect materials charged to production REQUIRED 1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--. 2. Prepare a statement of retained earnings for the year ended December 31, 20-. 3. Prepare a balance sheet as of December 31, 20-.
Transcribed Image Text:for Corporations and Manufacturing Businesses FINANCIAL STATEMENTS The adjusted trial balance columns of Wen Company's spreadsheet are shown on the next page. Materials inventory, January 1 Work in process inventory, January 1 Finished goods inventory, January 1 Estimate returns inventory, January 1, remaining balance Materials purchases Additional information needed to prepare the financial statements is as follows: $ 4,750 3,600 14,990 100 115,090 110,000 96,850 4,100 Direct labor Actual factory overhead Indirect materials charged to production REQUIRED 1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--. 2. Prepare a statement of retained earnings for the year ended December 31, 20-. 3. Prepare a balance sheet as of December 31, 20-.
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